Clydesdale and Yorkshire banks to axe 1,400 jobs
Published: 30th Apr 2012 07:39:01
The Clydesdale and Yorkshire banks will cut 1,400 jobs by 2015, their owner has announced.
It follows a strategic review by the National Australia Bank (NAB) of its UK operations.
NAB chief executive Cameron Clyne said the decision was taken after a "significant downgrade in the growth prospects of the UK economy."
The banks will narrow their focus to consumer and small business lending in Scotland and the north of England.
NAB said its UK operations had made a loss of £25m between July and December 2011, compared to a £77m profit the same time a year earlier.
It blamed the fall on deteriorating commercial property loans and an increase in the cost of funding after Clydesdale's credit rating was downgraded last September.
It said it would close 29 of the banks' 73 Financial Solution Centres, which offer services to businesses and better-off individual investors, and merge nine others with local retail branches, adding that the changes would mainly affect operations in the south of England.
Six back office locations would also shut, it added in its statement.
The bank said it expected the closures and restructuring to save it about £74m a year by 2015.
Following the cuts, the workforce of NAB's UK operations will stand at 6,900, down from 8,300.
NAB bought Clydesdale Bank in 1987, followed by Yorkshire Bank in 1990. The banks' operations were merged by NAB in 2001, although the two names have been retained.
Yorkshire Bank was founded in 1859 in Halifax, West Yorkshire, and has 185 retail branches, while Glasgow-based Clydesdale has 152 outlets.
At 22:39:30 in SportThe Premiership game between Crusaders and Irish League champions Cliftonville on Saturday has been switched from Seaview to Solitude.
At 22:39:22 in BusinessTechnology giant Apple reported profits of $10.2bn (£6.1bn) after selling 43.7 million iPhones during the three-month period ending 29 March.
At 22:33:12 in EntertainmentUS actress Jodie Foster has married her girlfriend, Alexandra Hedison, the actress' representative confirms.
At 22:29:03 in BusinessTroubled online game-maker Zynga reported a first-quarter loss of $61m (£36m).
At 22:26:07 in SportGreat Britain's hopes of World Championship promotion were ended by a 2-1 defeat to Lithuania in Vilnius.
At 22:17:12 in EnglandA robot has been used in a children's ward to allow patients to communicate with each other and with staff.
At 22:03:05 in SportNorthern Ireland's Mark Allen progressed to the second round of the World Championship thanks to a comfortable 10-4 win over Michael Holt.
At 21:43:34 in BusinessSocial networking giant Facebook reported profits of $642m (£383m) during the first quarter of 2014, beating analyst expectations.
At 21:25:17 in Northern IrelandThe Irish education minister has proposed a radical shake-up of the further education sector.
At 21:24:30 in SportAndy Murray says he has whittled down his list of potential new coaches to "seven or eight" candidates.
Harvard CitationBBC News, 2012. Clydesdale and Yorkshire banks to axe 1,400 jobs [Online] (Updated 30th Apr 2012)
Available at: http://www.ukwirednews.com/news/1425394/Clydesdale-and-Yorkshire-banks-to-axe-1-400-jobs [Accessed 23rd Apr 2014]
News In Other Categories
Technology giant Apple reported profits of $10.2bn (£6.1bn) after selling 43.7 million iPhones during the three-month period ending 29 March.
Police in Orkney have confirmed that the number two Churchill Barrier remains closed following a fatal road accident.
With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
Private parking firms paid more than £6m to the DVLA for the names and addresses of drivers in the past year - an increase of 28%, figures suggest.
US actress Jodie Foster has married her girlfriend, Alexandra Hedison, the actress' representative confirms.
The cost of drugs is in the headlines following the decision by NHS watchdog NICE that a new cancer treatment should not be funded.